National
TODAY’S DEALS: CBRE Lists Two Luxury Communities Totaling 1,198 Units in Chicago
CBRE lists two luxury Class A assets totaling 1,198 units in Chicago; NorthMarq arranges a $15.1 million mortgage for a community in Lacey, Wash.; and Mortgage Equicap arranges $5 million bridge loan at less than 1.0 DSC.
NAHB Finds Seniors Housing Developers More Keen on Apartments than Condos
Washington, D.C.–The National Association of Home Builders (NAHB) has released its 55+ Housing Market Indices for the second quarter, and the verdict is in: builders of seniors housing feel far more warm and fuzzy about development and demand in the multifamily rental market than sales in the multifamily condominium market.
TODAY’S DEALS: Alcion Ventures, Golub & Company Acquire 579-Unit Community
Alcion Ventures and Golub & Company buy a 579-unit community north of Chicago; Holliday Fenoglio Fowler closes the sale of and arranges financing for a suburban Texas community; and NorthMarq arranges a $19.2 million Freddie Mac loan.
July Consumer Indicators Show Shift Toward Renting
Washington, D.C.–Americans are increasingly downbeat about the state of the economy and their own finances, according to Fannie Mae’s July national consumer attitudinal survey. What’s more, they display little optimism about home prices and are demonstrating a greater inclination to consider renting as their next step.
Share of Loans in Foreclosure Grows, as Does Number of Renters
Washington, D.C.–Serious mortgage delinquency rates are at near historically high levels, according to data released today by Foreclosure-Response.org. If there’s a silver lining in this bleak news, its greatest beneficiary will likely be the multifamily housing industry, which is certain to profit from growing ranks of renters.
TODAY’S DEALS: Associated Estates Grabs 250-Unit Community in Virginia
Associated Estates buys a 250-unit Class AA community in Fairfax, Va.; BRE properties acquires a 150-unit community in California for $48.8 million; and ARA brokers the sale of an apartment property at $72,120/unit.
TODAY’S DEALS: ARA Arranges the Sale of a Texas Community
ARA arranges the sale of a 160-unit community in Beaumont, Texas; Oak Grove Capital originates $59.5 million bond credit enhancement; and Marcus & Millichap sells a community in Washington, D.C., for $30.8 million.
TODAY’S DEALS: NorthMarq Arranges $25M Mortgage for Missouri Community
NorthMarq arranges $25 million for a 412-unit community in Missouri; Oak Grove Capital closes a $437.8 million credit facility for Brookdale Senior Living; and the Largo Group of Companies arranges a $4.2 million mortgage for lofts in Buffalo, N.Y.
TODAY’S DEALS: Archstone Buys 224-Unit Asset in Marina del Ray
Archstone acquires a 224-unit community in Marina del Ray, Calif.; Marcus & Millichap sells two New England assisted living facilities; and Transwestern negotiates the sale of a $4.3 million portfolio in Phoenix.
Condo/Co-op Prices See Drop Since Last Year
Washington, D.C.–The National Association of Realtors (NAR) reported this week that the national median price for for-sale housing–condominiums and cooperatives of all stripes–was $169,200 during the second quarter of 2011. That median represents a 3.5 percent drop from the median price during the same quarter in 2010.